The Danish automotive designer told Bloomberg that his next EV offering will “look completely different” and will be “sporty and spacious.” While there’s no word on the initial cost of a technologically advanced EV with a 400-mile range, Fisker suggested there will be a mass market version priced around $40,000. That’s a pricepoint low enough to compete with the Tesla Model 3, which debuted at $35,000 (but ‘only’ has a 215-mile range).

Fisker has a long history in the automotive industry, having designed iconic cars for BMW, Aston Martin, and VLF Automotive. The CEO announced his new company in a Twitter update on Monday, October 3, saying, “The Original Fisker is back. I am very proud to be launching Fisker Inc. With a game changing battery technology.”

Much like Tesla, Fisker will be producing its own electric car batteries as Fisker Nanotech. Reportedly, the company is working on graphene-based battery technology, which is a longer lasting alternative to lithium ion that has also been shown to charge much faster. “For the last two years, I have been looking at battery technologies and wanted to see if there was something that could really give us a new paradigm,” Fisker told Bloomberg. “We had the strategy of developing the technology as fast as possible without getting tied down to a large organization, which would hold us back. Now we have the technology that nobody else has. And there is nobody even close to what we are doing out there.”